HotelBusiness.com: Chatham Launches IPO
Chatham Launches IPO
Posted 02-02-2011 - 7:16:31 AM
PALM BEACH, FL—REIT Chatham Lodging Trust launched an underwritten public offering of four million common shares.
The company intends to use the net proceeds of the offering to repay debt under its secured revolving credit facility, to acquire additional hotels and for general business purposes.
The company expects to grant the underwriters a 30-day option to purchase up to 600,000 additional common shares to cover overallotments, if any.
Barclays Capital and UBS Investment Bank are acting as the joint book-running managers for the offering. FBR Capital Markets is acting as the joint lead manager and Morgan Keegan, Credit Agricole CIB, Piper Jaffray, Stifel Nicolaus Weisel and JMP Securities are acting as co-managers.
Chatham Lodging Trust owns 13 hotels representing 1,650 rooms/suites in nine states.
Wednesday, February 2, 2011
Tuesday, February 1, 2011
CNL Hotels affiliates file for bankruptcy
HOTELSMag.com - Daily News
By HOTELS Editors on 2/1/2011
ORLANDO More than 20 affiliates of CNL Hotels & Resorts Inc. have filed for bankruptcy, with more than US$1 billion in assets and liabilities outstanding.
The filing comes as five of CNL’s eight U.S. luxury hotels face a debt payment of about US$1.5 billion. The largest unsecured creditor is Hilton Worldwide, which is owed approximately US$13.4 million, Reuters reports. CNL has retained lawfirm Kirkland & Ellis and financial adviser Houlihan Lokey."
By HOTELS Editors on 2/1/2011
ORLANDO More than 20 affiliates of CNL Hotels & Resorts Inc. have filed for bankruptcy, with more than US$1 billion in assets and liabilities outstanding.
The filing comes as five of CNL’s eight U.S. luxury hotels face a debt payment of about US$1.5 billion. The largest unsecured creditor is Hilton Worldwide, which is owed approximately US$13.4 million, Reuters reports. CNL has retained lawfirm Kirkland & Ellis and financial adviser Houlihan Lokey."
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